October 28, 2021

WisdomTree’s Bitcoin ETF filing joins hopefuls vying for approval

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New York-based asset manager WisdomTree has filed for a Bitcoin exchange-traded fund, or ETF, with the U.S. Securities and Exchange Commission.

The firm submitted its filing on March 11. It states the WisdomTree Bitcoin Trust would trade on Chicago Board Options Exchange’s BZX platform under the ticker BTCW. The trust would offer a regulated way for investors to gain exposure to the price of Bitcoin, and allow speculators to execute trades through their brokers.

Contracts would be settled according to CF Benchmarks’s “CF Bitcoin US Settlement Price,” a price index that tracks the price based on major BTC spot exchanges.

The proposed ETF is not WisdomTree’s first foray into crypto, with the firm currently managing a leading institutional ETH fund.

In June 2020, WisdomTree filed for an ETF that would invest up to 5% of capital into BTC futures contracts, despite the fund being primarily focused on energy, agriculture, and metals. In December 2019, the firm launched a physically-backed Bitcoin exchange-traded product that was listed on the SIX Swiss Exchange.

WisdomTree is not alone in seeking SEC approval for a Bitcoin ETF. Last month, crypto-focusedTitle: WisdomTree’s Bitcoin ETF filing joins hopefuls vying for approval
Sourced From: cointelegraph.com/news/wisdomtree-bitcoin-etf-filing-joins-hopefuls-vying-for-approval
Published Date: Fri, 12 Mar 2021 05:45:57 +0000